Douglas Battista: A Brief History of Tariffs in America

A tariff is essentially a tax on imported goods that serves to generate revenue for the government and encourage domestic production, says Douglas Battista. The idea of taxing imported goods is not a new one. Battista shares a brief history of tariffs below.

According to Douglas Battista, tariffs have been present in the United States since colonial times. The U.S. Congress passed the Tariff of 1789 as a way to help stabilize the economy after the American Revolution. The act states that the monies collected were for the encouragement and protection of local manufacturers and to help discharge US debt.

Douglas Battista explains that tariffs have historically played a major role in foreign trade policies. From between 1789 in 1914, the year after the federal income tax was initiated, tariffs were the major source of finance for the government. During this time, the two major political parties, the Republican/Whigs and Democrats feverishly debated what, exactly, tariffs should be used to fund. The Republican party favored imposing higher tariffs in an effort to encourage American industry while the Democrats simply wanted to cover the operational costs associated with government.

Forming a Board | Douglas Battista

A company’s Board of Directors is perhaps one of the most important assets to shareholders, customers, and employees alike. But, what does it take to put together a functional board? Douglas Battista summarizes the key characteristics of a good board member in the following brief post.

According to Douglas Battista, Board of Director members should have an extensive range of expertise in an area that will serve the company well. As an example, a company may wish to point a financial advisor or lawyer to the board.

Leadership experience, specifically in the company’s field, is important for all board members. Douglas Battista explains that individuals with a history in technology, for example, will lend value to a tech startup as they typically know the ins and outs of the industry. They will also have contacts and prior business acquaintances that may bring value to the company as consultants or new employees.

Douglas Battista | A History of Taxes in the US

It’s that time of year, either you’re clamoring to get your taxes done in anticipation of a nice fat refund or you’re dreading writing a big check to cover the taxes you didn’t pay. But, have you ever wondered why we pay taxes. Here, Douglas Battista shares insight on the topic in a brief question and answer session.

Q: What were the first taxes in the United States?

Douglas Battista: The history of US taxes goes back to the 1760s, leading up to the American Revolution. A newly-formed independent nation began collecting taxes on imported goods and whiskey. For a brief period, the US also imposed tariffs on glass windows. Early taxpayers paid taxes for the right to vote and land owners were charged a percentage of their net yearly revenue on crops.

Douglas Battista: FTC Halts Work-from-Home Scheme

The Federal Trade Commission is tasked with keeping consumers safe from fraudulent business opportunities, among other things. Here, Douglas Battista shares insight on one recent event that saw the FTC put a kink in the plans of unscrupulous opportunists.

In August of 2017, the Federal Trade Commission enacted a restraining order banning a suspected fraudulent company from posting deceptive work-from-home jobs online. The company, which did business under many names including Work At Home University and Work At Home Institute, promised potential “employees” that they could make several hundred dollars per hour without any training and from their own home, reports Douglas Battista.

Douglas Battista: IPO Considerations

Scheduling an IPO is the dream of many entrepreneurs, says Douglas Battista. However, it’s not as easy as printing out a few stock certificates and slapping up a “for sale” sign. The major trading platforms, NYSE and NASDAQ, have strict financial requirements before a company can go public. Once those are met, there is still much work to be done.

Douglas Battista explains that planning an IPO is the most important step. A business owner must first have the right management team in place. Senior managers must exhibit strong financial skills and the ability to follow complex accounting procedures. Communication skills are vital as well, says Battista, especially if C-level staff have never experienced an IPO.

Douglas Battista Explains Private Equity Investments

Private equity, according to Douglas Battista, is money available to private businesses to help with expenses related to product development, acquisition, or expansion or to simply strengthen balance sheets or provide working capital. Here, Battista explains why private equity is often considered a sound investment.

Q: What are the benefits of investing in private equity?

Douglas Battista: Historically, private equity funds have offered both short- and long-term returns that far outweigh traditional stock investments. Private equity investments often have up to a 22% ROI whereas a traditional investment may max out at 10% or less.

Douglas Battista Share Tips for the New Business Traveler

Douglas Battista spends a great deal of his week traveling for his job as President of North America Field Operations for Jenny Craig. Over the last decade, he’s found there are a few “life hacks” that make business travel easier. In this brief discussion, Battista shares some secrets.

Q: Is it possible to avoid germs while traveling?

Douglas Battista: It’s not feasible to sidestep germs altogether, but you can defend yourself against them. I always pack hand sanitizer, bacitracin, and antibacterial wipes. Airplanes can be a melting pot of microorganisms just waiting to infect their next target: you. Use the bacitracin under your nails and coat the inside of your nose to kill germs before they have a chance to get cozy on your skin and in your lungs.